anithin28
TF Neo
I recently faced a failed POS transaction through Payzapp... where ₹7,500 was debited from my EbixCash prepaid card on 28 Aug but the refund came only on 8 Sep, So as per the Reserve Bank of India circular “Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions” dated 20 September 2019, the maximum permitted time to re-credit a failed POS transaction is T+5 calendar days from the date of transaction.
In my case, the refund was credited six days beyond this timeline.
So under the RBI’s (TAT) rules, banks/payment operators must return the amount within a few days, and if they delay, they must pay ₹100 per day as compensation.
I filed a written complaint quoting this rule and followed up with the EbixCash nodal officer. Then guess what happen...
Within 1 hours they provided the compensation of Rs. 600 for the delay of refund. This is too fast, initially I thought I should wait for minimum 30 days to get resolve. But they called me within 1 hour and told to check with the message.
Transaction held Date - 28th August 25'
Refund date - 8th September 25'
Total days - 11 Days, ( T+5 - 11Days ) = 6 Days delay.
100*6 = 600Rs.
I think banks in India should provide this kind of quality of quick services to their customers.
In my case, the refund was credited six days beyond this timeline.
So under the RBI’s (TAT) rules, banks/payment operators must return the amount within a few days, and if they delay, they must pay ₹100 per day as compensation.
I filed a written complaint quoting this rule and followed up with the EbixCash nodal officer. Then guess what happen...
Within 1 hours they provided the compensation of Rs. 600 for the delay of refund. This is too fast, initially I thought I should wait for minimum 30 days to get resolve. But they called me within 1 hour and told to check with the message.
Transaction held Date - 28th August 25'
Refund date - 8th September 25'
Total days - 11 Days, ( T+5 - 11Days ) = 6 Days delay.
100*6 = 600Rs.
I think banks in India should provide this kind of quality of quick services to their customers.
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